Came across an interesting reaction to FXCM's recent announcement that it's moving to "no dealing desk" trading. Well worth the read if anyone is currently trading with them or thinking about it. The Non Dealing Desk Trader
given the true nature of FXCM being a bucket shop they are playing a mind game FXCM I am a victim of yours from long ago I am a ghost of a person you killed I am here to tell others not to trust you, brothers of demons, sons of satan what you think I am too harsh with them well you don't know FXCM I dare you to open an account with them
No. If it was, I'd certainly be promoting it. I was referred to Davis's blog last September and checked in every week or two to see if he has posted anything new but he disappeared for several months. Glad to see he's back at it. I've tried emaling him a couple of times. Responded once when I asked him for broker advice and he declined because he didn't want to commercialise the effort. Karl
This from the guy who created an entire thread to talk to himself? http://www.elitetrader.com/vb/showthread.php?s=&threadid=98484 Great.
I think it is safe to say he is talking to himself...the guy has been posting all over the internet. I trade with them and let me say, this announcement is not really that new....from what I know most traders have been on no dealing desk for quite some time. I know other traders have not had as good of an experience as I have and I would recommend listening to their stories if I were you BUT this guy is ridiculous. If you read his forum, he has NO trading experience. Hardly someone I would listen to. And btw, by definition they can no longer really be considered a bucket shop - when your trades go straight to a bank the broker cannot \\\"bucket\\\" your trades. And with the NFA all on their a**, as I assume they are, I doubt they can tell you your orders go stragith through and they dont...that would be a big complaince no-no. Plus KVincent, I find it odd that you only have 3 posts but you are already talking about brokers...can you say COMPETITOR??
I find the preceding comments to be all too typical of those found on so many forums where members resort to ad hominem comments (attacking members) instead of dealing with the facts. I'm guessing FXCM wouldn't have moved to "no dealing desk" execution before Davis came along. And to suggest that because the guy isn't by his own admission a professional trader, his commentaries should be dismissed out of hand is nonsense. The fact remains that FXCM's pricing isn't STP. If it was, they'd be beating that drum as well. And even if it was, like Interbankfx, it is very apparent that their spreads for all those major banking relationships, remain higher than the competition. This tells me that the market isn't driving their posted spreads and that they do, in fact, have their thumb on the scale. As to the charge of being a competitor. Hardly. I trade using Oanda and EFX. Oanda is a marketmaker; EFX an ECN. Instead of insulting people, I suggest the writer compare the spreads he sees on those platforms with FXCM. When done then perhaps the writer will address the issue instead of attacking the messengers.